Get Your Super Investments Started!
We get it – retirement is a LONG way off and super is pretty boring.
You want to have some fun, maybe travel and possibly save for a house – and you’re not thinking of saving for retirement. But a goal without a plan is just a dream.
Once you have a goal (or two or three!), you will achieve them faster by having a strategy – and understanding your finances is a good start to forming your strategy.
Understanding your super
You probably know that super is a means of saving for retirement and that your employer makes contributions for most working Australians. But there is more to the story than that.
Each year, you receive a statement outlining your super balance and transactions for the previous financial year. It is worth reaidng it, and the acocmpanying annual report, when it arrives – and questioning anything that doens’t make sense to you.
And it’s worth making sure you understand all the contribution types – not just the compulsory employer contributions. For instance, you may be eligible for Government contributions or tax deductions
Why see a financial planner when you’re young?
The short answer is that the longer your money is invested, the more time there is for it to earn and benefit from compound interest. So getting advice when you’re young will maximise the money you can save for retirement.
On top of that, while young, most of us don’t know a lot about super and investing so it is a great time to speak with an expert and learn at least the basics.
Establishing a relationship with a planner when you are young could mean consistent, reliable advice throughout your working life and even into retirement. So really, the question is why wouldn’t you meet with a financial planner when you’re young?
How well do you know your super?
It’s ok to not know about super and the related choices! Chat with our member advice consultants to find out your options and what impact you can have through little decisions – our team knows your super account and can guide you to the areas you control.
You can call us with simple questions (like what is a Co-contribution anyway? or how much life insurance do I get by default?) or more complex questions about your specific situation (such as which investment option is best for my money?).
Financial planning advice can include an assessment of your current super, too.
Learn your own worth
You may not have been working long, but you deserve to know how much super you have saved, and how it is tracking.
Had more than one job? All those casual and part time jobs may mean you have multiple super accounts with low balances and fees. Check them out, merge them into one account (if appropriate) and you may be surprised at your nest egg start. When comparing super accounts, remember to look at fees, returns, additional benefits and insurance terms (like pre-existing illnesses restrictions and TPD definitions).
TIP: if you’re not sure what super accounts you have, log into MyGov and look at your ATO account as it lists all your super accounts for you.
How does it work – do I have to come in for a visit?
We’re flexible! If you are in Canberra or Brisbane, you are most welcome to visit us for a chat or a formal appointment.
On the other hand, all members are able to call us, email us or even AvChat (our online chat tool) to ask questions or have a detailed discussion about your finances and personal requirements.
We have a process of collecting the relevant information from you and discussing your goals, and how we give you the advice, but the appointments themselves are relaxed. Even if we meet you in person, you don’t have to put on a suit and tie – it’s not a job interview!
